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The Tax Professionals Blog

Caregiver Tax Advice

When a taxpayer is helping to support both parents and is having difficulty showing that he or she provided over half of the support for both, it may be appropriate for the taxpayer to designate the support to only one of the parents. This could help overcome the more than 50% dependency support requirement for one of them, thus allowing an exemption deduction. 

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Short-Term Rentals

Many taxpayers will rent their first or second homes using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway. When a taxpayer rents property for a short period, special (and sometimes complex) taxation rules come into play, which can make the rents excludable from taxation; other situations may force the rental income and expenses to be reported on Schedule C (as opposed to Schedule E)
. The following is a synopsis of the rules governing short-term rentals.

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Back-Door Roth IRAs

High-income taxpayers are limited in the annual amount they can contribute a Roth IRA. In 2016, the allowable contribution phases out for joint-filing taxpayers with an AGI between $184,000 and $194,000 (or an AGI between $0 and $9,999 for married taxpayers filing separately). For unmarried taxpayers, the phase-out is between $117,000 and $132,000.

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